Hedge fund manager, value, contrarian

Piraeus Bank: Poised To Outshine The Greek Banking Recovery

After losing money for the last few years, the Greek banking sector seems to be on path to recovery. Amongst four pillars of Greek banking system, Piraeus Bank (OTCPK:BPIRY), the second largest lender in Greece by assets stands out as a pure play on Greek economic recovery.

On Friday, August 29, 2014, the bank reported net profit of €164.3 million for Q2, which was complete reversal from a loss of €246.6 million in Q1 not to mention analysts were expecting it to post a loss in the neighborhood of €133 million. However it should be noted that this profit includes a €144 million gain following fair value recognition of MIG corporate restructuring transaction, a gain of €56 million...

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